China-based food retailer Winha Commerce and Trade International has had a positive start to life on the Australian share market, with its share price rising 40 per cent in its debut trading session.
Winha describes itself as a paddock-to-plate retailer and wholesaler that specialises in selling premium food products to 1.3 billion consumers in China.
The company raised $8.5 million through an offer of just over 24 million shares to the public, at 35 cents per share.
Winha says it listed on the Australian share market because it hopes to source as many agricultural products as possible from Australia for sale in China, under the China-Australia Free Trade Agreement that came into force in December 2015.
Last year the company signed deals with local growers including farmers in Victoria to secure supply arrangements.
The company’s chairman Jackie Chung told Fairfax Media at the time that buying directly of Australian farmers wasn’t about saving money by cutting out the middle men – it acts as a certificate of authenticity. More